Q&A: "Do I really need a Realtor to buy a house?"

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119
http://actvra.in/S9d

Do I really need a Realtor to buy a house?  The simple answer is, "No."  The smart answer is, "Yes."  Anyone can buy a house without a real estate agent, but there are advantages to having an agent represent you in a home purchase. 

Last year, I sold a property for a wondeful family.  They had bought their home directly from the seller without representation.  When I did the preliminary CMA to determine value, I was surprised at what they paid for the home considering they bought it on the down side of the market collapse of 2008.  In my estimation, they paid $60,000 higher than the market was demanding at the time.

When we listed their home, they received an offer that was quite a bit lower than the list price, and they ultimiately gave concessions that dropped their return approximately $60,000.  With their original purchase price coupled with their concession dollars they actually lost $120,000 on their home.  Buying with an agent could have prevented them from spending more than they should have.

Why should you use an agent when buying a house?

  • An agent can help a buyer purchase in the price range a home should sell in.
  • An agent can help educate a buyer to the process of buying real estate.
  • An agent is a second set of eyes on a property that might be causing blindness in a buyer.
  • An agent can help a buyer find a good home inspector, lender, appraiser, contractor, closing attorney or title company who will look after the buyer's best interest.
  • An agent knows the real estate laws.
  • An agent can help advise a buyer through the negotiations.
  • An agent can look out for a buyer's best interest when the buyer isn't aware of the perils. 
  • An agent can be a buyer's first line of defense in a bad deal or a deal that has gone bad.

Why should you use a Realtor to buy a house? For a lot of reasons, but most of all, for peace of mind. 

 

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Ambassador
1,350,572
Anna Banana Kruchten
Phoenix Real Estate Agent, CRB, CRS 602-380-4886
Phoenix Property Shoppe

Mike I simply can't imagine the vast majority of people (9.9999%) even thinking about buying or selling a home without an agent. There is so much to be aware of that it boggles my mind that somebody would take that on without knowing much about real estate, laws and ALL the other items you mentioned.  Excellent Points and Ideas!

 

Featured in BananaTude

 

March 15, 2013 05:47 PM
Rainmaker
720,341
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Agreed, Anna.  Thanks for the BTude feature.  Have a great weekend.

March 15, 2013 05:50 PM
Rainmaker
922,187
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Asociates

Hi Mike.  It normally doesn't cost the buyer anything for representation.  A real no brainer.  Hire a Realtor.

March 16, 2013 03:27 AM
Rainmaker
882,406
James Dray
AR., MO., or OK. I can find the home for you.
Wise Custom Realty

Well said Mike but there are those who think they know better than us who do this everyday.  Don't understand but it is what it is.   

March 16, 2013 04:06 AM
Rainmaker
720,341
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Absolutely, Conrad.

I don't either, James. 

March 16, 2013 06:07 AM
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Rainmaker
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Mike Cooper

Your Winchester, VA Real Estate Pro
Winchester has a place for you! Call me.
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